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Sam Bankman-Fried charged and accused of 'orchestrating a massive, years-long fraud' | Business Insider

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Sam Bankman-Fried charged and accused of 'orchestrating a massive, years-long fraud'.

The Securities and Exchange Commission on Tuesday said in a complaint it charged Samuel Bankman-Fried with defrauding investors.Bankman-Fried was earlier arrested in the Bahamas based on a"sealed indictment" from US authorities.The US Securities and Exchange Commission on Tuesday announced it has charged Samuel Bankman-Fried with defrauding investors in FTX, his crypto trading platform.

The SEC accused the disgraced crypto founder of using the funds from customers to make"undisclosed venture investments, lavish real estate purchases, and large political donations," per the complaint. The SEC said in its complaint that Bankman-Fried hid this information from equity investors of FTX. The commission said his statements about customer assets being safe and secure were"false and misleading."

"We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,"

 

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International Finance: Sam Bankman-Fried arrested in Bahamas as US files FTX chargesThe disgraced co-founder of digital-asset exchange FTX was arrested in the Bahamas after the US government filed a criminal indictment, following weeks of speculation that client funds were misused before his empire’s collapse. Mmm 🤔🤔 - convenient. Couldn't have SBF mouthing off before House Republicans in less than 3 weeks. Possibly been lawyered up and well looked after as second largest donor to Dems in mid terms. Regime looking after their asset? Asking for a friend. What do u mean weeks of speculation? Client funds are gone, stolen ... Clients are not wondering if the money has been misused, they know for a fact cos it's not there... Ay man
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